5 things to mitigate your risks: The case for Behavioural Economics in Risk Management
We are by now all aware of behavioural economics and cognitive bias. The knowledge and it’s application has actually been around for ages in marketing. Or why do you think certain books are placed at eye level in your bookstore. The publisher either pays or uses it’s power to make it so.
With the digital media, using BE (behavioural economics) has become even easier. What else is Amazon’s proposal of “People, who have bought this …”
And today there is a lot of effort to use BE to influence positive behaviour. The world bank has explored it for influencing social norms in developing countries, e.g. on corruption.